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Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal companies through Vallar Plc, allowing the nation’s biggest producer of the fuel to list in London.
Bloomberg further reported, Vallar will buy 75 percent of PT Berau Coal Energy and 25 percent of PT Bakrie & Brothers’ PT Bumi Resources in a cash and stock transaction, the company said today in a statement. Bakrie Group will be the largest combined shareholder in Vallar -- to be renamed Bumi Plc -- and have the right to nominate the chairman, chief executive officer and chief financial officer.
The reverse takeover, which gives control to the holders of the acquired company, will create an Indonesian “resources champion,” combining the nation’s largest coal producer, Bumi, and fifth-largest, Berau, according to Vallar. Rothschild, former co-president of New York hedge-fund firm Atticus Capital LLC, raised 707.2 million pounds ($1.13 billion) in Vallar’s initial public offering in London in July and had considered deals of as much as $5 billion.
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“This acquisition should be well received by investors since this is a good price for high-quality coal assets,” Liberum Capital analysts wrote in a report. “A London-listed, large scale, pure play Indonesian coal play should offer a unique commodity exposure and have strong investment appeal.”
Bumi Plc will target coal output of 140 million metric tons a year and be the largest thermal-coal supplier to China, Rothschild said on a conference call.
Mandatory Offer
Vallar, whose London-traded shares were suspended today, plans to make a mandatory offer to Berau’s minority shareholders and increase its ownership in Bumi in 2011, it said. Bakrie Group will hold 43 percent of Vallar stock after the deal.
The planned London listing, the first for an Indonesian company, “will enhance our international profile, provide a currency and platform for development in the region and put us in a much stronger position to build on the organic growth that our combined assets already provide,” Indra Bakrie, proposed chairman of Jersey, Channel Islands-based Vallar, said in the statement.
The “remarkable” deal is a “win-win” for shareholders, said Rothschild, who in April ranked seventh in the Sunday Times “Rich List,” an annual estimate of net worth of the 25 wealthiest U.K.-based hedge-fund managers.
Bumi Production
Indonesia is Asia’s biggest exporter of thermal coal, used in power stations. Bumi Resources, the country’s largest coal miner by volume with a market value of 54 trillion rupiah ($6 billion), produced 60 million tons and sold 58 million tons of the fuel last year.
The Jakarta-based company is a unit of Bakrie & Brothers, an investment company controlled by the family of billionaire and politician Aburizal Bakrie, Indonesia’s fourth-richest man, according to Forbes Asia. Sovereign wealth fund China Investment Corp. bought $1.9 billion of debt from Bumi in September 2009.
Bumi shares reversed losses after today’s announcement, rising 2 percent to 2,600 rupiah at 3:40 p.m. Jakarta time. The stock has climbed 7.2 percent this year, compared with a 44 percent gain in the benchmark Jakarta Composite Index.
Berau, with a market value of 18.2 trillion rupiah, is 75 percent owned by PT Bukit Mutiara, a unit of PT Recapital Advisors. Bukit Mutiara will retain 15.3 percent after the sale, Berau said in a statement.
Berau expects to produce 17.9 million tons of coal this year, rising to as much as 22 million tons by 2012, President Director Rosan Roeslani said Aug. 19. The Jakarta-based company raised $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Friday, 23 September 11
ICMA TO BUILD UPGRADE FACILITIES TO ANTICIPATE BAN ON LOW-GRADE COAL EXPORT BY 2014
COALspot.com - January to August of this year, Indonesia’s coal production had already reached 235 million tons. Earlier estimates had targete ...
Friday, 23 September 11
UT TO PRODUCE 7 MMT OF COAL BY 2012
PT United Tractors Tbk is targeting a 7 million tons of coal production next year, a 55.55% increase from 4.5 millions targeted this year, said Pres ...
Friday, 23 September 11
RECORD RECYCLING ACTIVITY STIRS OPTIMISM IN DRY BULK SAYS BIMCOS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected at the start of the year, dry bulk ship owners were expected to flock scrapyards around the world, in order to take advantage of attract ...
Friday, 23 September 11
PANAMAX EXPERIENCED A SOFTENING IN RATES - FEARNLEYS AS
Handy
Still a good boost of fresh cargoes entering the market. Vessels in Black Sea with GOA clearance and Baltic positions are fetching tick abov ...
Wednesday, 21 September 11
INDIA'S COAL IMPORTS FROM INDONESIA FALL, CHINA BUYS MORE
COALspot.com - Indian coal imports from Indonesia fall to below 6 million tons in August, and this fall was continuing last few months. Ho ...
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- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
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